The Assam Police uncovered a massive ?22,000 crore financial scam on Wednesday, involving brokers who lured people into fraudulent online stock market investments by promising to double their money. Two men, Swapnil Das from Guwahati and Vishal Phukan, a 22-year-old online trader from Dibrugarh, were arrested in connection with the scam, but authorities anticipate more arrests across the state. Phukan, known for his lavish lifestyle, attracted investors by guaranteeing a 30% return within 60 days. He also invested in Assamese cinema, created four fake companies, and purchased multiple properties. During a raid on his Dibrugarh residence, police seized documents related to the scam and are now searching for Assamese choreographer Sumi Borah, who is allegedly linked to Phukan’s network.
Chief Minister Himanta Biswa Sarma warned the public against falling for dubious online stock market schemes that promise quick returns, emphasizing that such offers are usually fraudulent. He urged people to be cautious and avoid being deceived by con artists. Sarma noted that many online trading companies in the state are operating without adhering to SEBI or RBI regulations, leading to the police crackdown on illegal online trading activities.
The chief minister stated that the government is determined to dismantle the entire racket within the state. He highlighted that cases have been filed against the unlawful brokers, and the police have intensified efforts to shut down these fraudulent operations. The crackdown follows concerns about the proliferation of online trading companies in Assam that are not complying with regulatory norms, putting unsuspecting investors at risk.
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